Circle will disable fiat payments in USDC for users from Russia

The ban will apply to all transactions, including transfers from cards issued in the country

07.03.2022 - 07:30

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What’s new? Circle, the issuer of the USDC stablecoin, has announced that it has joined the economic sanctions against Russian users. A message on Circle’s official website says it is blocking all fiat payments from accounts linked to Russia.

Announcement on the Circle website

“In response to the extraordinary events following Russia’s special operation in Ukraine, the US and UK have imposed expanded economic sanctions. In accordance with these requirements, Circle is temporarily disabling all fiat payments from accounts located in Russia, including transfers from cards issued in the country.”

What else is known about the blockades? Circle describes its decision as temporary but has not yet disclosed a timeline for lifting the bans. In addition, the situation with payments in USDC stablecoin also remains unclear. Given that Circle has the ability to block crypto transactions, Russian customers have concerns about making transactions with stablecoin.

Earlier, the popular Metamask wallet also supported sanctions against those on the sanctions list.

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